The former Citi CEO says advancements in artificial intelligence and robotics will fundamentally change the back office and reduce banking staff faster than most anticipate.
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Pandit says 30% of bank jobs may disappear in the next five years
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“I see a banking world going from large financial institutions to one that’s a little bit more decentralized,” he said. Since leaving the firm, Pandit has invested in non-bank financial startups such as student-loan venture CommonBond Inc. and home equity finance firm Point Digital Finance Inc. He formed New York-based Orogen last year with investment firm Atairos Group to acquire stakes in mature financial-services companies.
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